Boardroom feuds push Pula Steel to the brink
Friday, September 01, 2017
BusinessWeek has learnt that the founding shareholders of Pula Steel, the Verma Family, have asked the High Court to relieve the company’s judicial manager, Vijay Kalyanaraman of Grant Thornton of his duties saying he has contributed to the current unfeasible state of the company and has failed to take the necessary steps to ensure its rehabilitation.
Simultaneously, the judicial manager has given notice to Pula Steel creditors and the Master of the High Court of his intention to place the company under provisional liquidation saying the turnaround plan has been foiled by the shareholders’ failure to inject fresh funds into the mothballed company.
The fees have been doubled from the previous amounts and raise concerns about political participation accessibility and democratic representation principles.This significant fee increase prompts questions regarding its impact on grassroots democracy.On one hand, the fees act as a filter, ensuring only serious contenders enter the race, potentially reducing frivolous candidacies and generating crucial campaign funds. The BDP argues that aspiring...